JPMorgan to Block Crypto Payments From Chase UK Bank Accounts (2024)

FAQs

JPMorgan to Block Crypto Payments From Chase UK Bank Accounts? ›

"We've seen an increase in the number of crypto scams targeting UK consumers, so we have taken the decision to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account," a spokesperson for the bank said.

No, we block any payment we identify as a crypto asset transaction.

It won't be a surprise to learn that there are quite a few UK banks that aren't crypto-friendly. By this we mean they don't allow their customers to directly transfer funds to a cryptocurrency exchange or allow debit cards to be used for the purchase of cryptocurrency. Based on our research, these banks are: Chase.

In a groundbreaking move that is set to revolutionize the financial industry, JPMorgan Chase, one of the largest banks in the United States, has announced that it will begin accepting XRP, a popular cryptocurrency, for credit card and mortgage payments.

Banks tend to block these transactions because they consider cryptocurrency a high-risk sector, associated with scams, disputes, and chargebacks like gambling, adult entertainment, and the supplements market.

"We've seen an increase in the number of crypto scams targeting U.K. consumers, so we have taken the decision to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account."

An email circulated on the 26th of September 2023 to Chase customers detailed that from the 16th of October, if they believe customers are trying to make a payment related to crypto assets, it will be declined.

Chase, Capital One and Citi all allow you to buy crypto with one of their cards. Even American Express allows it, although no U.S.-based exchanges currently accept Amex.

Trading and Exchange Support

Banks like Revolut and Ally Bank enable crypto trading and investment by allowing customers to link their accounts with cryptocurrency exchanges. They facilitate direct buying, selling, and spending of cryptocurrencies through cards linked to both fiat and crypto accounts.

Why are UK banks blocking crypto purchases? ›

Why we've made these changes. There are certain risks with purchasing cryptocurrency, as highlighted by the Financial Conduct Authority (FCA). We've set up these restrictions to help protect you and to try and keep your money safe.

Contact Your Bank: Sometimes, banks may block certain types of transactions, including those related to cryptocurrency, as a precautionary measure. If you're experiencing issues with your card payments, a simple call to your bank can often resolve these blocks and provide clarification on any transaction limits.

Several large U.S. banks, including JPMorgan Chase, Bank of America, and Citigroup, recently banned customers from buying cryptocurrencies with credit cards issued by the banks. They fear that the volatility of cryptocurrencies could leave consumers unable to pay their debts. Several leading U.K. banks followed suit.

TD Bank and PNC Bank have also blocked transactions involving cryptocurrencies, as well as, JPMorgan Chase, Bank of America and Citigroup, and Discover have all banned the purchase of bitcoins on their credit cards.

If the demand for crypto purchases is deemed insufficient or not aligned with their customer base, banks may choose to decline such transactions.

ACH Debit Block is an additional security feature that let's you safeguard your accounts against unauthorized ACH debit transactions. Once you've enrolled, all future ACH debit transactions are blocked except for those submitted by allowable IDs.